Mortgage lender lowers buy to let rate

16 August 2010

Written by Simon Whittaker

One mortgage provider recently introduced lower fixed rates on one of its buy to let products.

Northern Rock reduced the cost of taking out deals from its Everyday range of home loans for landlords as well as homeowners.

This selection of products allows overpayment of ten per cent every year and several Fee Saver options, which it claims can help customers keep the cost of purchasing down.

Lloyd Cochrane, head of mortgage products at the bank, commented: "Today's improvements to our product range reduce the monthly mortgage cost for customers with smaller deposits."

Other services offered by the institution include basic valuation and legal work on residential remortgages free of charge, as well as the chance to apply for payment holidays.

The new fixed-rate buy to let home loan on Northern Rock's Everyday range is available from 5.59 per cent with as much as a 70 per cent loan-to-value ratio.

This comes after managing director of Mortgages for Business David Whittaker said lending criteria will "continue to ease".

Why not take a look at our best Buy to Let mortgages and make an enquiry online now.